Correlation Between IDX 30 and Medikaloka Hermina
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By analyzing existing cross correlation between IDX 30 Jakarta and Medikaloka Hermina PT, you can compare the effects of market volatilities on IDX 30 and Medikaloka Hermina and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in IDX 30 with a short position of Medikaloka Hermina. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Medikaloka Hermina.
Diversification Opportunities for IDX 30 and Medikaloka Hermina
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between IDX and Medikaloka is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Medikaloka Hermina PT in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Medikaloka Hermina and IDX 30 is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on IDX 30 Jakarta are associated (or correlated) with Medikaloka Hermina. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Medikaloka Hermina has no effect on the direction of IDX 30 i.e., IDX 30 and Medikaloka Hermina go up and down completely randomly.
Pair Corralation between IDX 30 and Medikaloka Hermina
Assuming the 90 days trading horizon IDX 30 Jakarta is expected to under-perform the Medikaloka Hermina. But the index apears to be less risky and, when comparing its historical volatility, IDX 30 Jakarta is 2.31 times less risky than Medikaloka Hermina. The index trades about -0.02 of its potential returns per unit of risk. The Medikaloka Hermina PT is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 133,433 in Medikaloka Hermina PT on August 24, 2024 and sell it today you would earn a total of 6,067 from holding Medikaloka Hermina PT or generate 4.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Medikaloka Hermina PT
Performance |
| Timeline |
IDX 30 and Medikaloka Hermina Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Medikaloka Hermina PT
Pair trading matchups for Medikaloka Hermina
Pair Trading with IDX 30 and Medikaloka Hermina
The main advantage of trading using opposite IDX 30 and Medikaloka Hermina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Medikaloka Hermina can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Medikaloka Hermina will offset losses from the drop in Medikaloka Hermina's long position.| IDX 30 vs. Surya Citra Media | IDX 30 vs. Envy Technologies Indonesia | IDX 30 vs. Gunawan Dianjaya Steel | IDX 30 vs. Nanotech Indonesia Global |
| Medikaloka Hermina vs. Astra Graphia Tbk | Medikaloka Hermina vs. Hexindo Adiperkasa Tbk | Medikaloka Hermina vs. Lautan Luas Tbk | Medikaloka Hermina vs. Citra Marga Nusaphala |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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